1. Fill in the Blanks: The ____________ political party was led by ________________ and believed in a ____________________.

2. Directions: -Get out your notes (#4), and open up to the chart you used to write your paragraphs. -Exchange papers with someone NOT SITTING NEXT TO YOU! -Go through and make sure the paragraphs you have from the other person have EVERYTHING on that chart! -For each thing not mentioned, put a “-1” on the top of the paper and make a list of the detail missing!!!

3. Reasons: Hamilton thought a national bank was needed to manage national debt and interest payments Issue bank notes to promote trade, investment, and stimulate economic growth Southern Opposition: The stock holders would mostly be Northern merchants Congress did not have the authority (enumerated power) to create such a bank Results: Congress passed the Bank Bill under the Elastic Clause (“necessary and proper”) Washington signed the Bill into Law in 1791 (with a 20 year charter) LOOSE INTERPRETATION!!!!!! The Arguments: Hamilton: was necessary to collect taxes, regulate trade, provide defense Jefferson: “necessary” mean absolutely necessary, not just convenient

4. Strict: Limited the power of the Federal Government The Fed. Government does not have a power or the authority to do anything unless it is EXPRESSLY WRITTEN in the Constitution Did not like the “necessary and proper” clause because they felt it would be abused JEFFERSON “necessary does not mean convenient” Loose: Gave the Federal Government more power The Fed. Government has powers that are implied in the Constitution, but that are NOT EXPRESSLY WRITTEN Loved using the “necessary and proper” clause HAMILTON “it is clearly within the provision which authorizes the making of all needful rules concerning the property of the United States”